1) Whether it is mandatory to reverse ITC of those Invoices not appeared in GSTR2A for the F/Y 2019 – 20 while filing GSTR3B for the month of September 2020 or we can make payment of differential amount while filing Annual Returns (GSTR 9)? 2) Whether we have to reverse ITC availed on Invoices but not appeared in GSTR 2A for the period April – 2020 to Aug – 2020 while filing GSTR 3B for the month of September – 2020?.
Kaustubh Karandikar Asked question September 18, 2020
- Reversal may be required for ITC beyond 20% of eligible ITC for period Oct-Dec, 19 and beyond 10% for Jan-March,2020 as per Rule 36(4) of the CGST Rules, 2017. There was no such restriction for period Apr- Sep,2019 thus no reversal may be made and position be reviewed at time of annual return, however you should follow up with suppliers for filing their returns.
- You should reverse excess ITC over 10% of eligible ITC as depicted in GSTR-2A.
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Frah Saeed Changed status to publish September 20, 2020